Jimmy Fallon To Replace Jay Leno On 'The Tonight Show'

Guess there was a point for that really awkward song duet by the late night titans!
The word from on high has come forth announcing that Jimmy Fallon will succeed Jay Leno on The Tonight Show. NBC says that Leno will wrap up 22 years of hosting service in Spring 2014, which marks the end of his current contract.

Fallon, who currently reigns at the past-midnight time slot with his Late Night with Jimmy Fallon show, will take over at that time. Had the network made the decision to install Fallon earlier — like, say, around the Winter Olympics — it would have had to pay out millions in penalty fees to Leno.
The Tonight Show is having a homecoming of sorts, as it will also return to its original home in '30 Rock' and will be executive-produced by Lorne Michaels. While it is unclear who will take over Late Night, Fallon's current show, our hope is that The Legendary Roots Crew will join him over at the legendary studio to keep the good times rolling.
An announcement is expected shortly.
"Congratulations Jimmy," Leno said in a statement. "I hope you're as lucky as me and hold on to the job until you're the old guy. If you need me, I'll be at the garage." Fallon added in a statement, "I'm really excited to host a show that starts today instead of tomorrow." "Jimmy Fallon is a unique talent and this is his time," said Steve Burke, Chief Executive Officer of NBCUniversal. "I'm thrilled he will become the sixth host of 'The Tonight Show' at exactly the right moment, in conjunction with our coverage of next year's Winter Olympic Games from Sochi, Russia.
On Monday, the two late-night hosts seemed to indicate there was no bad blood between them by performing a "duet" that mocked the ongoing speculation about who's going and who's leaving.